Paramount Skydance has reportedly made a new improved bid to purchase Warner Bros. Discovery. The exact amount of the bid is unknown as of press time, according to Deadline.
Warner Bros. Discovery is once again at the center of a high-stakes media battle, as the company prepares to review this fresh offer from Paramount Skydance even while formally recommending its existing agreement with Netflix to shareholders.
According to a new report from Variety, Warner Bros. Discovery’s board is expected to inform investors that it will examine the latest bid from Paramount Skydance ahead of the March 20th shareholder vote on the Netflix transaction. The situation puts the Paramount Warner Bros. drama back in the spotlight as multiple media giants jockey for control of key entertainment assets.
A Complicated Three-Way Fight
Warner Bros. Discovery is currently bound to a signed agreement with Netflix valued at nearly $83 billion. Under that deal, Netflix would acquire Warner Bros.’ studio and streaming operations for $27.75 per share in cash, while existing shareholders would retain equity in a spin-off entity called Discovery Global that would house the company’s linear networks and Discovery+.
Netflix Co-CEO Ted Sarandos – YouTube, WSJ News
However, Paramount Skydance has reportedly put forward a much larger offer for the entirety of Warner Bros. Discovery, including its cable channels. The company’s recent bid of $30 per share was valued at around $108 billion. The financial specifics of the newest revised bid have not yet been publicly disclosed.
In a letter cited by Variety, Warner Bros. Discovery leadership had previously asked Paramount to “seek clarity” on its “best and final offer,” specifically requesting confirmation that the proposal would include a per-share price higher than $31. It was widely theorized by Wall Street professionals that Paramount would respond with a bid of $32 per share or higher.
Netflix Holds the Next Move
If Warner Bros. Discovery formally reviews the Paramount Skydance proposal, the next decision could fall to Netflix. The streamer reportedly has four days to match the improved offer — or walk away.
A graphic showing the Netflix and Warner Bros. Logos – Netflix
Netflix co-CEO Ted Sarandos previously signaled the company may not get into a bidding war, telling Variety the streamer has a “rich history” of being “willing to walk away and let someone else overpay for things.”
That posture suggests Netflix could hold firm on its current terms unless Paramount materially reshapes the economics of the deal.
Paramount’s Long Pursuit
This latest development is only the newest chapter in the extended Paramount pursuit of Warner Bros. Discovery.
Skydance chief David Ellison first approached WBD CEO David Zaslav in September 2025 with an initial $19-per-share proposal shortly after Skydance completed its acquisition of Paramount Global. Since then, Warner Bros. Discovery’s board has reportedly rejected Paramount’s takeover attempts nine separate times.
WBD CEO David Zaslav Speaks at a New York Times event – YouTube, New York Times Events
Paramount’s current bid is backed by Ellison, RedBird Capital Partners, and debt financing from Bank of America, Citigroup, and Apollo Global Management. The offer also includes capital support from sovereign wealth funds in Saudi Arabia, Qatar, and Abu Dhabi.
What Happens Next
For now, Warner Bros. Discovery appears to be threading a careful needle — fulfilling its fiduciary duty by reviewing the new Paramount Skydance offer while still formally endorsing the Netflix agreement already on the table.
The coming weeks could determine whether the Paramount Warner Bros. saga becomes one of the biggest media shakeups in years — and whether Netflix ultimately walks away and leaves Paramount to make the winning move.
David Ellison in an interview with Bloomberg – YouTube, Bloomberg Podcasts
With the shareholder vote looming in March and multiple deep-pocketed players involved, the battle for Warner Bros. Discovery is far from over.
Do you think Paramount will ultimately control Warner Bros. Discovery? Sound off in the comments and let us know!
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